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Commonwealth Bank and Leighton Holdings form $750 million strategic partnership

1 June 2006

The Commonwealth Bank of Australia has reached agreement with Leighton Holdings Limited to provide a $750 million fully underwritten revolving operating lease facility.

The facility, which includes a substantial initial sale and lease-back component, provides guaranteed funding availability to support the continued expansion of the Leighton plant fleet to cater for expected continued strong demand for contract mining.

"This is a ground breaking transaction for both the Bank and Leighton Holdings," Paul Riordan, Executive General Manager Global Finance Solutions said.

"We’re developing a mutually strategic long term partnership between the world’s largest contract miner and Australia’s largest financial services organisation."

He said the Bank expected to see continued strong growth in the principal commodity sectors of iron ore and coal.

The Bank now adds large value mobile mining equipment to its existing portfolio of rail rolling stock, ships and aircraft under operating leases.

"This transaction is an excellent example of the Bank providing innovative funding solutions to its major institutional customers, and is a model that is able to be replicated in other asset classes," he said.